An example of essay introduction

Introduction

Most economists would agree that due to the credit crunch, global markets are facing potential collapse (Stiglitz, 2008; Monbiot, 2007). As we know, our current recession began in the USA where banks got into the habit of granting mortgages to lenders unable to pay them back. This created a liquidity crisis in the country which banks and government were unable to resolve, and soon these economic difficulties spread to the rest of the world (BBC News, 2008). In this context, the international relations have been affected dramatically. On the one hand, economic relations would be promoted more closely to curb the further recession, except the international investment. On the other hand, political relations would experience a better phrase with eased differences. In every corner of the world, people are to discuss the need of co-operation rather than confrontation at the time of crisis. In this essay, I will argue that we have to radically assess the 20th Century philosophy of free trade and globalisation due to the failures we've experienced recently in global markets. I will begin by looking at how this philosophy was based on an erroneous logic and then go on to describe the ways in which it has set us back with regard to financial efficiency and growth. I will then go on to discuss the ways in which I think this current crisis will affect future research in my subject area - International Relations.